All Ordinaries get a facelift

Technology counterparts such as Eisa, Lake Technology, One.Tel and Spike Networks also made the top 500 grade.

The expanded All Ords lists the top 500 companies using market capitalisation only as an eligibility requirement. Previously, the number of companies included in the index was determined on market capitalisation and liquidity. At the close of market on Friday, 249 stocks made up the All Ords.

According to the ASX, the main purpose of the new index, which will cover 99 per cent of listed companies as opposed to the former All Ords which covered 90 per cent, is to measure the price performance of the market.

Coinciding with the launch of the new index was the introduction of the ASX's six benchmark indices: the ASX20, 50, 100, 200, 300, and the Small Ordinaries index. The Small Ordinaries is made up of the ASX300 excluding the companies within the ASX100.

Online stockbroker Etrade, internet domain name registry Melbourne IT, and telco Open Telecommunications made the ASX200, while software developer Technology One, mobile communications company Cellnet, and web advertising company BMC Media were listed in the top 300 companies.

Telcos Cable & Wireless Optus and Telstra were listed in the ASX20, while counterparts AAPT and Hutchison Telecommunications were listed among the ASX100.

At the close of trade yesterday the new All Ords were up almost 50 points or 1.59 per cent to 3183.http://www.asx.com.au

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David Smedley

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